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Board clears sale of Transbay Block 9 to developer team; sale proceeds to fund Transit Center
Summary
The Board held a committee-of-the-whole hearing and approved the disposition of Transbay Block 9 to a development team led by TMG and Essex, with Bridge Housing providing affordable units. The purchase price was stated at $43,630,000; the project includes 545 units with 109 affordable to households at or below 50% AMI.
After a brief presentation and public comment, the San Francisco Board of Supervisors voted unanimously to approve the Office of Community Investment and Infrastructure's (OCII) requested disposition of Transbay Block 9 on Feb. 3.
Supervisor Jane Kim described the item as the fourth Transbay block to be transferred under agreements among the city, OCII, the Transbay Joint Powers Authority and Caltrans. Pam Sims, a development specialist with OCII, said the agency issued an RFP in 2012 and selected a development team that includes TMG, Essex Portfolio Trust and Bridge Housing (for the affordable housing component).
OCII staff reported a purchase price of $43,630,000 and said the development agreement provides for 545 total units: 436 market-rate units and 109 affordable rental units reserved for households earning up to 50 percent of area median income (OCII cited $48,550 for a four-person household and $43,700 for a three-person household at the income threshold). The agency also noted SBE participation targets and a 50 percent San Francisco resident hiring goal during construction. OCII said sale proceeds will go to the Transbay Joint Powers Authority to fund the Transbay Transit Center.
Public comment at the hearing urged clearer visual materials during presentations and raised broader housing-trust concerns for other projects. With no further public comment on Block 9, the board adopted the disposition resolution by roll call (clerk recorded 11 ayes). OCII staff said they anticipate a closing the week of Feb. 9 and scheduled a groundbreaking presentation.
